Bank of New York Mellon Corp Buys 31,970 Shares of Procore Technologies, Inc. $PCOR

Bank of New York Mellon Corp increased its stake in Procore Technologies, Inc. (NYSE:PCOR) by 7.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 450,246 shares of the company’s stock after purchasing an additional 31,970 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.30% of Procore Technologies worth $25,664,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. SJS Investment Consulting Inc. raised its holdings in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Procore Technologies during the 3rd quarter worth about $34,000. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies during the 4th quarter worth about $41,000. Allworth Financial LP boosted its stake in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas bought a new stake in Procore Technologies during the 4th quarter valued at approximately $54,000. Institutional investors own 81.10% of the company’s stock.

Insider Activity

In related news, Director Connor Kevin J. O sold 5,769 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total value of $241,894.17. Following the sale, the director owned 967,901 shares of the company’s stock, valued at $40,584,088.93. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares of the company’s stock, valued at $4,836,150. This trade represents a 3.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 189,621 shares of company stock worth $8,791,847. Corporate insiders own 16.80% of the company’s stock.

Procore Technologies Trading Up 9.0%

Procore Technologies stock opened at $46.70 on Tuesday. The business has a 50 day moving average price of $44.46 and a two-hundred day moving average price of $52.37. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of -91.56 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.Procore Technologies’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.23 EPS. As a group, equities analysts forecast that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on PCOR shares. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. BTIG Research restated a “buy” rating and issued a $66.00 price objective on shares of Procore Technologies in a research note on Friday. Barclays dropped their target price on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating on the stock in a research report on Monday, July 13th. Finally, Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research note on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.47.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.